Stamp duty concessions for first home buyers
Buying your first home in Victoria? The stamp duty concession can help reduce your upfront costs. Understand how duty exemptions and concessions work, check your eligibility, and see how you could save when building or buying your new home.
Understanding stamp duty concessions
The stamp duty concession in Victoria helps eligible buyers reduce tax when purchasing property, with partial or full exemptions available.
Deposit required
There is no set deposit required for a stamp duty concession. Your deposit depends on your lender and overall home loan approval.
Who it’s for
The concession is available to eligible Victorian buyers, including first home buyers who are Australian citizens or permanent residents.
Key benefit
A stamp duty concession reduces the tax you pay when buying a home, helping lower upfront costs and making ownership more achievable.
Income limits
Stamp duty concessions in Victoria are not typically based on income, but instead on buyer status, property use, and value.
Property price caps
Concessions apply to properties within set value thresholds. Full or partial exemptions depend on the property's dutiable value.
What is the stamp duty concession in Victoria?
The stamp duty concession in Victoria is a government initiative designed to reduce the amount of ‘stamp duty’ payable when you buy a home. Also known as land transfer duty, this tax is applied to the purchase price or dutiable value of a residential property. Eligible buyers, including first home buyers, may be partially or fully exempt from stamp duty depending on certain criteria.
The concession is assessed by the State Revenue Office and applies to a range of property types, including established homes, vacant land, and off-the-plan purchases. It is typically a once-only benefit for buyers who meet eligibility criteria and intend to live in the property.
How the stamp duty concession works
Stamp duty concessions reduce the tax payable based on your eligibility and the property value at the time of purchase.
Property purchase and contract
When you sign a contract to buy a home, stamp duty is calculated based on the purchase price or dutiable value.
Eligibility is assessed
Your eligibility is assessed based on criteria such as first home buyer status, residency, and intended use of the property.
Property value determines savings
The value of the property determines whether you receive a full exemption or partial concession on stamp duty.
Concession is applied
If eligible, the concession is applied to reduce the amount of stamp duty payable at settlement.
Pay reduced stamp duty
You pay the reduced stamp duty amount as part of your property transaction, lowering your upfront purchase costs.
Who is eligible for stamp duty concessions?
Eligibility depends on your buyer status, the property you’re purchasing, and how it will be used. Meeting these criteria is a must to access a reduction or exemption.
First home buyer eligibility
First home buyers may qualify for a full exemption or concession if they have not previously owned a residential property in Australia. The property must be used as your principal place of residence.
Property and occupancy rules
The property must be residential and located in Victoria. Buyers must intend to live in the home as their principal place of residence for a continuous period after settlement, as required by the scheme.
Residency requirements
To be eligible, at least one buyer must be an Australian citizen or permanent resident. All applicants must meet the residency criteria set by the State Revenue Office at the time of the transaction.
Previous ownership conditions
You may not be eligible if you, your spouse, or partner has previously owned a home in Australia. The concession is generally a once-only benefit for eligible buyers who meet all criteria.
Benefits of the stamp duty concession
Stamp duty concessions can reduce upfront costs, making it easier to buy a home and manage your budget with greater confidence.
- Reduce or eliminate stamp duty on eligible property purchases.
- Lower upfront costs when buying your first home in Victoria.
- Free up funds for your deposit, upgrades, or moving costs.
- Support for first home buyers entering the property market.
- Applies to new homes, vacant land, and established properties.
Limitations of the stamp duty concessions
Stamp duty concessions have specific criteria and limits that may affect eligibility and the level of savings available.
- Only available to buyers who meet strict eligibility criteria.
- Property value caps limit access to full exemptions or concessions.
- Not available if you have previously owned a home in Australia.
- Must live in the property as your principal place of residence.
- A concession is generally a one-off benefit for eligible buyers.
Can the stamp duty concession be used to build a home?
Yes, the stamp duty concession in Victoria can potentially be used when building a home. If you purchase vacant land and enter into a separate building contract, stamp duty is typically calculated on the land value rather than the total build cost. This can reduce the amount of duty payable.
Eligible first home buyers may also access a first home buyer duty exemption or concession, depending on the value of the land. As with all scenarios, eligibility criteria apply, and buyers must intend to live in the home once it is complete.
How to apply for a stamp duty concession
Applying for a stamp duty concession in Victoria is typically completed as part of your property purchase. Your conveyancer or lender will help ensure the correct forms are submitted.
1. Confirm your eligibility
Check you meet the eligibility criteria, including buyer status, residency, and property requirements.
2. Provide required documentation
Supply supporting documents, such as identification and purchase details, to your conveyancer or lender.
3. Apply through your conveyancer
Your conveyancer or lender will lodge the application with the State Revenue Office as part of settlement.
What are the documents required?
Proof of identity
e.g., driver's licence or passport
Signed contract of sale or transfer documents
Details of the property purchase and dutiable value
Stamp duty concession calculator
Use our stamp duty concession calculator to estimate how much you could save when buying or building in Victoria. By entering your property value, you can explore potential reductions and better understand your upfront costs.
Can Carlisle Homes help with stamp duty concessions?
Yes. We guide you through every stage of your home buying journey, including understanding stamp duty concessions. While applications are managed through your conveyancer, our team can help you navigate eligibility, explore savings, and connect you with the right support.
Discover your home building options
Explore more ways Carlisle Homes can support your journey, from finding the right home design to securing land and visiting display homes across Victoria.
How to get started with Carlisle Homes
Getting started with Carlisle Homes is simple and supported at every step. Whether you're exploring your first home or looking to understand how costs like stamp duty may affect your budget, our team is here to guide you. We’ll help you explore home designs, understand available grants and concessions, and connect you with trusted experts so you can confidently move forward.
From selecting a home that suits your lifestyle to understanding how government support may apply, Carlisle Homes makes the process clear and approachable.
Find the right scheme for your situation
There are several government schemes available to support different home buying goals. Explore options that may help reduce upfront costs or make your path to ownership more accessible.
Frequently asked questions
Is stamp duty concession available in Victoria?
Yes, stamp duty concessions are available in Victoria for eligible buyers. Depending on the property value and your circumstances, you may receive a partial concession or a full duty exemption. This is commonly available to first home buyers purchasing a residential property as their principal place of residence.
How long does the stamp duty concession take?
The stamp duty concession is usually processed as part of your property transaction. Your conveyancer or lender will apply through the State Revenue Office, and it is typically finalised before or at settlement, so there is no separate waiting period.
Who can claim a stamp duty concession?
Eligible buyers, including first home buyers, may claim a stamp duty concession in Victoria. You must meet certain criteria, such as residency requirements and property use. In most cases, you must be an owner-occupier and intend to live in the home.
What property types are eligible in VIC?
Stamp duty concessions in VIC can apply to a range of residential properties, including established homes, off-the-plan purchases, and vacant land. Eligibility depends on the dutiable value and whether the property will be used as your primary residence.
Do all buyers receive a full duty exemption?
Not all buyers receive a full duty exemption. The level of concession depends on the property value and eligibility criteria. Some buyers may receive a partial reduction, while others may be fully exempt if they meet all requirements.
Helpful guides for home buyers
Holding a concession card does not automatically provide additional stamp duty benefits. Eligibility is primarily based on buyer status, property value, and intended use, rather than concession cardholder status.
Helpful guides for home buyers
Explore helpful articles and resources to better understand the home buying journey, from upfront costs to government support and building your new home.
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